16 Jul 2018
OMNIBUS REGULATION ADOPTED TODAY – 16 JULYBrussels Daily
Omnibus regulation: simpler rules for use of EU funds adopted
The Council today adopted the so-called Omnibus regulation which revises the EU’s financial rules to make them simpler and more focused on results.
This regulation will amend the existing Financial Regulation which sets out the overall framework for budget management, as well as a number of acts governing the EU’s multiannual programmes in various fields, including cohesion policy.
“I am pleased that we have completed this important exercise in simplifying the EU’s budget rules. This will make life easier for everyone. Smaller beneficiaries in particular will gain from these improvements, which include simpler arrangements for the reimbursement of costs. Everyone stands to benefit.”
Hartwig Löger, Austrian Federal Minister for Finance
The changes include the extension of the use of ’simplified cost options’, and a focus on results rather than tracking the actual costs incurred. In order to avoid multiple checks, the EU will be able to rely more on existing audits, assessments and authorisations of other donors such as the UN and the World Bank, or the member states. Combining funding sources will also become easier.
All these improvements taken together are expected to cut significantly red tape for all those involved in the implementation of the EU budget.
The new rules will enter into force on the third day after their publication in the Official Journal of the European Union. They will apply for the most part immediately. The EU institutions have been given more time – until 1 January 2019 – to adapt to the new rules as far as their administrative expenditure is concerned.